The President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Ruwase, yesterday, lamented issuance of conflicting regulatory rules by various regulatory agencies, thereby leading to increased burden on businesses, higher cost of operation, waste of executive time and reputational consequences in 2018.
Presenting the scorecard of his leadership at the 130th annual general meeting of the chamber in Lagos yesterday, Mr. Ruwase said the regulatory environment was a major source of distraction for many corporate organisations during the outgoing year.
“It also adversely impacted the confidence of investors. These also manifested in form of arbitrary fines and charges, sanctions and frequent summons of corporate executives by the National Assembly. We believe that government still has the enormous task of fostering an environment where entrepreneurs, small and medium enterprises, can thrive better, sound and result-oriented business regulations are critical for private sector development,” he said.
Ruwase explained that in 2018, businesses experienced frequent incidences of regulatory challenges, leading to increased burden on businesses, higher cost of operation, waste of executive time and reputational consequences.
He said that despite all the challenges, the economy was able to maintain a positive growth trajectory driven by the recovery of oil price for most part of the year.
